Are there any exemptions available for entities organized for profit?
Yes. If your organization requests exemption based on its federal status under Internal Revenue Code (IRC) Section 501(c)(2), (16), or (25), the organization can be a profit or a nonprofit corporation. Exemption from franchise tax is also possible for certain insurance companies or open-end investment companies that are organized for profit.
Related Questions
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- Are there any exemptions available for entities organized for profit?
